Hidden home appraisal middlemen have cost homebuyers $12 billion

[Joyce Potts]

How did you go about this? Is this something you think average 'boots on the ground appraisers' could pull off?

Agreed that appraisers tend to be fixated on the fee issue, but in defense of that fixation - it's also the easiest to quantify and document...

Get together with a select group of other appraisers, call your state representatives and make an appointment. Not only did a small group of us meet with the Secret Service, but also with the FBI. That was right when Obama was elected and they wished us luck with their recommendation of Civil Rico.

 

[NC Appraising]

So who are the top 5 AMCs.

Probably these LOL

Fannie Mae approves six vendors for controversial new valuation initiative

Fannie Mae has approved six firms to handle its valuation initiative, which is potentially the biggest shift in the valuation space in years.

www.housingwire.com

 

[George Hatch]

I forgot, both you and I were involved with the development of the HVCC. That went no where.

The way I would characterize it is that we put some ideas out there which eventually made their way into other people's perspectives.

The proposal to replace all the AMCs with what would have amounted to a super-AMC was a long shot to begin with, but in retrospect I don't think adding it altered the outcome. Nobody on the lending side would have supported any version of an IVPI, however limited or extensive its reach.

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Vaguely related, but the next time you speak with PC you might consider telling him that my motivations and my reasoning aren't any different now then they were back then. I was a complete outsider to the GSE business then, same as I am now. I haven't changed.

 

[Joyce Potts]

The way I would characterize it is that we put some ideas out there which eventually made their way into other people's perspectives.

The proposal to replace all the AMCs with what would have amounted to a super-AMC was a long shot to begin with, but in retrospect I don't think adding it altered the outcome. Nobody on the lending side would have supported any version of an IVPI, however limited or extensive its reach.

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Vaguely related, but the next time you speak with PC you might consider telling him that my motivations and my reasoning aren't any different now then they were back then. I was a complete outsider to the GSE business then, same as I am now. I haven't changed.

Are you unable to tell Phil yourself?

 

[George Hatch]

Are you unable to tell Phil yourself?

[shrugs] He has already listened to what you have been telling him about me. Whether you do or don't actually believe I have somehow changed I'm sure he'd just take your word for it.

FTR, I'm trying not to engage him outside of this forum and it's 25-30 active members. I have no other presence on the internet under my own name except for this forum. There's an inactive Linked-In and Facebook but I don't think that counts. I don't advertise my business or solicit work, I don't have a website, I'm not in any of the paid directories nor in most of the free ones. I don't run any side businesses. To the best my knowledge there are only a couple of pics of me anywhere on the internet and someone would have a tough time finding one.

I'm doing my best to not market myself and to not exist online, except for here.

 

[NC Appraising]

VA model for pay.

UWs work the gses.

Killed two stones at once. Fees and fraud. Appraisers would be held liable by the gses UWs, similar to VA.

No answering to AMC stips or trying to remember 100 different client requirements that differ from one lender to the next. No worries about coming in low. I have never heard a VA appraiser worrying about coming in low or killing a deal or getting black listed.

Lenders are crooks. Why are they underwriting loans.

 

[Junkyard Dog]

Joyce,

Sorry but the fee issue is a big thing and needs attention. The fee issue promotes:

1) more appraisers leaving the profession thus the need to find other ways to get valuations done. (AVMS, hybrids and more)
2) poor valuations done by appraisers with little experience because no experienced appraiser would do the work for these insulting fees.
3) more appraisers leaving the profession due to these fees, you now have more AMCs recruiting appraisers and other Firms (that kiss up to these AMCs) running mills.
4) the GSE’s looking to move away from appraisers (IE WAIVERS)
5) more control for AMCs which puts other appraisers out of business and or puts them at the mercy of the AMCs.

I get it. Appraisers can make their own fees. But when you are consistently told no and beholden to an AMC profit margin, you have to at some point bend the knee and do it to make a living.

There are probably more reasons why this is a big issue, but for you to say it’s the lesser of the issues is hilarious. it’s probably the main issue.

How many appraisers left over the past 10 years due to the AMCs and their ****ty, insulting and disrespectful fees? ALOT. Even some high ranking appraisers out there left to go work for AMCs and the GSES because they couldn’t sustain a business this way.

Good for you on your 40 years of trying to do things. I applaud that. You tried.

 

[alebrewer]

Appraisers would be held liable by the gses UWs, similar to VA.

How is that similar to VA? The lenders' underwriters (SARS) are employed by the lenders, not VA, right?

 

[Joyce Potts]

[shrugs] He has already listened to what you have been telling him about me.

FTR, I'm trying not to engage him outside of this forum and it's 25-30 active members. I have no other presence on the internet under my own name except for this forum. There's an inactive Linked-In and Facebook but I don't think that counts. I don't advertise my business or solicit work, I don't have a website, I'm not in any of the paid directories nor in most of the free ones. I don't run any side businesses. To the best my knowledge there are only a couple of pics of me anywhere on the internet and someone would have a tough time finding one.

I'm doing my best to not market myself and to not exist online, except for here.

To each their own.

 

[alebrewer]

There are probably more reasons why this is a big issue, but for you to say it’s the lesser of the issues is hilarious. it’s probably the main issue.

Not to speak for Joyce, but I think the intent was that harping about fees isn't really going to be the harbinger of change... I agree with you that fees are a huge issue, but our elected representatives don't give a hoot about how much or how little appraisers make. They do (or at least should) care about: public perception, fraud, price gouging, etc.